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Understanding your healthcare needs is the first step in determining the best critical illness insurance plan for you. In Singapore, insurers like Cigna, MSIG, and AIG, offer critical illness insurance plans for expats, but how do you know which plan is the right fit for you?
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Whether it’s medical insurance or hospitalization insurance, it’s important to find the right plan for your needs. In this Pacific Prime article, we break down the steps on how to determine the best critical illness insurance plan, and the type of coverage available for expats in Singapore.
Explaining Critical Illness Insurance Plans In Singapore
In Singapore, a critical illness insurance plan offers a lump sum payout if the policyholder is diagnosed with a critical illness. Typically, only a set number of illnesses are covered, and this varies from insurer to insurer. Common critical illnesses are cancer, heart disease, and stroke.
Being diagnosed with a critical illness can be a huge shock and one that takes a toll on your physical, mental, and emotional wellbeing. Too often, the exorbitant costs of medical care also make the diagnosis a financial burden.
Having a critical illness insurance plan in place will take your money worries away and make sure you don’t have to rely on high-interest loans to pay off your medical bills. You can focus on what truly matters: getting the best care and recovering.
But, of course, not all critical illness insurance plans were created equally. Let’s take a look at what you need to consider when comparing plans:
Which Critical Illnesses Are Covered
Critical illnesses covered differ from insurer to insurer. As the Life Insurance Association Singapore (LIA) has come up with a full list of 37 critical illnesses, you should use this list when comparing the critical illnesses covered by the insurer and/or plan in question.
Here are some of the critical illnesses identified by the LIA:
- Major cancer
- Heart attack of specified severity
- Stroke with permanent neurological deficit
- Coronary artery bypass surgery
- End-stage kidney failure
- Irreversible aplastic anaemia
- End-stage lung disease
- End-stage liver failure
- Coma
- Deafness (irreversible loss of hearing)
Stage Of Illnesses Covered by Critical Illness Insurance
Sometimes a critical illness insurance plan will cover you even if you’re diagnosed in the early stages of an illness. Other plans might only cover intermediate- or late-stage diagnosis, which is a scenario that’s far less common.
Those that cover early stages tend to be more expensive, but it might be worth getting if you think your chances of getting a critical illness are high. For example, if you have a family history of a condition, more extensive coverage is advisable.
Payout Amounts from Critical Illness Insurance
Critical illness insurance plans will also vary based on the payout or amount of money they provide upon diagnosis of a critical illness. In insurance lingo, this is known as the sum assured.
While the LIA recommends you to get a plan with a sum assured of around SGD $316,000, which amounts to 3.9 times the average annual pay of a Singaporean, you’re free to work out a figure that’s more suited to your own situation.
Payout Options
Single payouts are when the insurer will pay only once upon initial diagnosis of the critical illnesses. Multiple payouts, on the other hand, will allow you to make more than one claim if you suffer from a relapse of a critical illness.
It’s no wonder that single payout plans are more common and that multiple-payout plans are more expensive. Which one you choose will depend on your budget, and whether or not you want to play it safe.
Further reading: The Best Medical Insurance in Singapore
How To Compare Best Critical Insurance Plans In Singapore
After you’ve familiarized yourself with what a critical insurance plan is and what elements go into one, you can look at and compare some critical illness insurance plan options in Singapore. From Cigna and AIG to MSIG and HSBC Life, you’ll find no shortage of plans to compare and choose from.
Here are some tips on how to choose the best critical illness insurance plan in Singapore:
Evaluate Your Current Health
Are you in good health? Do you have any pre-existing health conditions? Knowing your health status will give you a better idea of what to look for in terms of coverage.
Make Sure You Understand Insurance Jargon
Oftentimes, insurance lingo can be confusing. Don’t get thrown off by it, and make sure nothing gets lost in translation by familiarizing yourself with key insurance terms.
Use an Online Insurance Quotation Tool
Rather than look up each insurer and plan individually, you can quickly compare multiple insurers and plans with a click of a button. Why not give our easy-to-use, online insurance quotation tool a try?
Shortlist Plans Based on a Key Factors
You’ll want to consider a few key factors like insurer reputation, premium, and benefits (see the above section for guidance) when shortlisting insurers and plans.
Read the Terms and Conditions
Before deciding whether the plan is right for you, make sure you thoroughly read the insurance policy to make sure you’re aware of all the finer details, including any exclusions. Look up any jargon you don’t understand.
Enlist the Help of a Broker
If you’re not sure which plan best meets your needs, consider speaking to an experienced and impartial broker. They can help take the stress and hassle out of comparing plans, and ensure you find the best one.
Frequently Asked Questions
What critical illnesses are most prevalent in Singapore?
The most prevalent critical illnesses in Singapore include cancer, heart disease, stroke, diabetes, kidney disease, respiratory disease, and liver disease. With an aging population and unhealthy lifestyle, the number of critical illnesses is only set to rise.
Is critical illness insurance coverage advantageous?
It can be very advantageous to have critical illness insurance coverage. This will ensure that you don’t have to rely on your savings or go without access to good care in the event that you do fall sick with a critical illness.
Are there any downsides to critical illness insurance?
One main downside of critical illness insurance is that the payout is only made when a critical illness is diagnosed and a doctor confirms that the illness is in line with your policy’s definition of critical illness.
Do most critical illness insurance plans cover pre-existing conditions?
Most critical illness insurance plans don’t cover pre-existing conditions because insurers deem those with these conditions as higher risk for developing critical illnesses. With that said, it may be possible to get a critical illness insurance plan as long as the condition is excluded.
Have Pacific Prime Help You Secure Your Critical Illness Insurance Plan!
Given that it’s not possible to rank critical illness insurance plans objectively, it’s very important that you consider your needs and compare them to what the plan offers when shopping around for critical illness insurance.
With over two decades of experience, Pacific Prime offers impartial advice and tailored plan comparison. What’s more, we also provide heaps of support and assistance throughout your insurance journey.
Contact us today!
At Pacific Prime, Grace focuses on simplifying complex concepts on international health insurance to make these topics easily accessible and understandable for our target audience. Being a Filipino born in Hong Kong, she understands the struggles of most immigrants and expats in finding the right insurance solutions while in another country. Her goal is to redefine most people’s perception of insurance, that it is an investment for one’s protection and future.
In her spare time, Grace is either at home or at Hong Kong Disneyland. She loves reading, watching movies and K-dramas, and attending dance classes.
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